The Bahamas is a country consisting of 700 islands. It is not just a tourist hub but also a financial hub. If you wish to establish a business in the Bahamas and avail the benefit of the tax regime, reach out to us at Enterslice. We provide end-to-end business expansion services.
The benefits of doing business in the Bahamas are as follows:
No minimum paid-up capital.
Tax Neutral Environment.
Transparent Regulatory System.
Investment Incentives.
Flexible immigration policy.
Absolute Anonymity.
Absence of exchange control laws.
No filing requirement.
Flexible rules for appointing a director.
Straight-forward Shareholder Requirement.
Open to Foreign Direct Investment.
The following are the types of corporate structures in the Bahamas:
Foreign investors can establish a sole proprietorship. For doing so, the entrepreneur must have a business license, and a shop license, and the name of the business should be registered under the Business Names Act.
The Bahamian Law allows the formation of Limited Liability Companies (LLC). LLCs may be established under the Companies Act for local operations or under the International Business Companies Act for international business companies.
The shares of a domestic limited company are established for conducting local business. Such companies are incorporated under the relevant Companies Act by 2 or more persons by signing an MOA, satisfying the requirements of the relevant Act, and by submission of the same to the Registrar along with required affidavits and declarations.
This is the most preferred type of company for carrying out offshore operations in the Bahamas. An International business Company is usually in the form of a private company limited by shares.
As per the Companies Act, a company limited by guarantee must have a minimum of 2 members. Its MOA must contain a statement of the amount up to which the members guarantee the company’s debts.
Public companies are formed under the Companies Act and is similar to a private company limited by shares. However, there is a mandatory requirement to conduct an annual audit. It must have a minimum of 3 directors. The details of all officers, directors, and managers of the company must be kept at the registered office and be sent to the Registrar-General along with the annual return.
Under this type of company, the members have unlimited liability. The IBC requires such companies to state in its MOA that the liability of the members is unlimited. The MOA states if the company is limited by guarantee including whether the company is limited by both guarantee and by shares. It also mentions the general uses of the companies limited by guarantee.
Such companies are incorporated outside the Bahamas but may conduct business in the Bahamas by registering as foreign company under the Companies Act. A foreign company can operate as a branch office with minimal formality and no registration requirements. However, as and when the company becomes recognized as an ‘undertaking’ under the Companies Act or as a ‘trading branch’, it becomes mandatory for it to register with the Registrar-General.
Segregated Account Companies (SAC) are preferred by captive insurance and investment funds. SAC is a type of company that has a series of accounts that are linked to one or more of the segregated accounts.
The Bahamas also allows the formation of joint ventures. There is no registration or incorporation requirement for joint ventures.
It is one of the most opted business arrangements by professional service providers such as architects, doctors, accountants, engineers, etc. It is also a preferred vehicle for business-minded persons intending to pool their resources and enter into a partnership.
In a general partnership, a partner is personally liable for the debts contracted on behalf of the firm. However, as agreed between the partners, his liability may be limited to the proportionate value of his shares in the partnership. There is no requirement for a national of the Bahamas or a related state to be a partner in a general partnership arrangement.
As per the Exempted Limited Partnership Act of 1995, an ELP is similar to the International Business Company as it has the same limitations on local activity as the IBC. It has the same structure as that of the limited partnership. Here the general partner can be a limited partner and one of the general partners must be a Bahamian resident or a company incorporated under the relevant Companies Act or the relevant International Business Companies Act.
Undisclosed partnerships are allowed even in the absence of any specific regulation that governs undisclosed partnerships. Undisclosed Partnerships are formed by private contracts and their fees vary depending on the complexity of the relationship.
Property Tax
Social Security Contributions
Stamp Duties
Import Duties
Value-Added Tax
Enterslice is one of the leading management consultancy firms which offers end-to-end business set-up, financial, regulatory, taxation, legal, and advisory services to early-stage businesses, start-ups, entrepreneurs, and large corporate houses across the globe.
Our Bahamas Entry Strategy services involve the following services:
Our Bahamas Strategy is classified into the following: There are a variety of corporate structures available in the Bahamas. Our experts assist in choosing the most suitable corporate structure from a sole proprietorship, limited liability company, domestic limited company, international business company, a company limited by Guarantee, unlimited liability companies, foreign companies, segregated account companies, joint ventures, partnerships, general partnership, exempted limited partnership, undisclosed partnership, international business companies, for your business. Apart from this, we also assist in business registration, opening a bank account for the company in the Bahamas, and post-registration compliance. Our consultants formulate a strategic plan for establishing and operating the business depending on your business needs. We formulate a budget and develop cash flows for your business. We also review internal control processes and conduct business reviews. We provide advisory for issues related to the management of the business. Our legal experts provide legal advice on business operations, finances, IP protection, etc. We also draft legal Documents for your business and compile the required Paper works. We also ensure that all legal and regulatory compliance are duly complied with. In the Bahamas, there is no requirement to file financial statements. The companies are required to file a declaration of accessibility of accounts with the Registrar. The Financial Statements consist of the balance sheet, statement of profit and loss, statement of changes in financial position, and explanatory notes. A company’s financial statement is prepared on a date not more than 12 months from the date of its incorporation. No standard reporting format, valuation bases, or methods are prescribed. Consolidated statements should be filed by a group of companies and the parent resident in the Bahamas must file a country-by-country report. Our team of experts ensures that the accounting and auditing compliance is done as per the accounting standards. We assist in filing various financial statements so that they depict the true and fair view of the business as of the date of preparation. Our tax experts assist in filing corporate tax returns. We assist in Country-by-country reporting and in fulfilling the reporting obligations. Our team ensures that the annual tax returns are prepared as per the legislation and produced before the authority as and when required. Our IP Experts assist in IP Compliance. We assist in getting IP registration by filling out applications for registration and compiling relevant Documents. Our team of IP experts also advice on IP compliance and IP Protection. We also assist in enforcing IP rights against any infringement. Yes, the Bahamas is a Tax Haven. As there is no personal income tax, no capital gains tax, inheritance tax, gift tax, wealth tax, or taxes on shares, dividends, and interest. There are taxes in the Bahamas such as the property tax, value-added tax, stamp duties, import duties, and social security contributions. With these taxes in force, the government raises revenue. Yes, in 2020 the Bahamas launched its own Digital Nomad Visa known as the Bahamas Extended Access Travel Stay (BEATS). The BEATS program allows you to apply for a one-year visa. It also allows you to live in the Bahamas while working for an employer in a different country. The Bahamas is open to FDI and has a lucrative tax regime. It follows a transparent regulatory system and gives investment incentives to foreign investors. The benefits of opting for Enterslice for your business set-up in the Bahamas are as follows: i. Professional Support ii. 24*7 Customer Support iii. Highly Integrated IT Team iv. Competent Team of Lawyers, CAs, Cost Accountants, CSs, and CPAs. v. All-inclusive solution for our clients. If you have any queries related to the Process, feel free to contact us. We will provideAbout Bahamas Entry Strategy
Business Set-Up Services
Consultancy on Managing the Business
Legal Advisory Services
Accounting and Audit Advisory Services
Tax Advisory Services
Intellectual Property Advisory Services
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